Kohl’s reports Q3 EPS 53c, consensus 35c

Reports Q3 revenue $3.84B, consensus $3.91B. Comparable sales decreased 5.5%. Inventory declined 13%. Tom Kingsbury, Kohl’s chief executive officer, said “Kohl’s third quarter earnings reflect strong gross margin and expense management as well as additional progress against our strategic priorities. I am pleased with our store performance driven by strong growth in Sephora and the newness in our home and gifting initiatives. This reinforces our actions are working and resonating with our customers. In addition, we drove a 13% reduction in inventory as we benefited from our new disciplines.”